A significant shift has taken place in the ownership structure of Trump Media and Technology Group (TMTG), the parent company of former President Donald Trump’s social media platform, Truth Social. Two of the original co-founders, Andrew Litinsky and Wesley Moss, have divested themselves of nearly their entire stake in the company, liquidating approximately 7.53 million shares valued at around $100 million.
The move comes amidst an ongoing dispute between the duo and Trump, which began after the company went public in March. Litinsky and Moss, who initially held a 5.5% stake in TMTG, felt they were being shortchanged and sued the company. TMTG countered with a lawsuit of its own, accusing the pair of mishandling the rollout of Truth Social.
As a result of the share sale, Litinsky and Moss’s investment vehicle, United Atlantic Ventures LLC, now holds only 100 shares of TMTG stock. The exact timing of the sale is unclear, but it likely occurred between September 19 and 22, when the lockup period expired. The market was already aware of the feud between the parties, so the sale is not expected to have a significant impact on investor confidence.
The bigger concern for investors remains the potential sale of shares by Trump himself, who owns nearly 115 million shares, or 57% of the company. Despite his assurances that he has no intention of selling, rumors persist that he may need to convert some of his stake into cash to cover mounting legal expenses. So far, there is no evidence of this.
In the meantime, Trump has been focusing on other revenue streams, including a range of branded merchandise, from sneakers to Bibles to diamond-encrusted wristwatches, which retail for up to $100,000 each.
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